daytrades june 23 afternoon, page-25

Sinvestor, you're on the right lines with your ideas about how to trade PXS. Bollinger bands can provide a useful framework but are at their best once a share is range-trading or trending as regularly as PXS has done since 11.00 am. I use an Iress one-minute chart linked to a depth chart, daily chart and course of sales.

With some experience you'll find your entry and exit levels have more to do with the buy and sell depths, plus an instinctive sense of when a share is oversold intraday. But that takes time to develop. Hang in there and it will come.

Be careful about getting too attached to indicators. The heaviest losses of my early career came when indicators told me to stay in trades when the price action was screaming "Run!" If there's a conflict, listen to the price.


Meanwhile, I exited IPL and ILU for peanuts. Got out of ILU just before the latest dump and re-entered in the low 4.60s, out again now. The overall market trend is providing a significant headwind today.